A legal dispute between Zhao Changpeng, founder of the world’s largest cryptocurrency exchange, and a unit of Sequoia Capital is offering a rare glimpse into one of the digital-asset industry’s fastest-growing startups. Sequoia sued Zhao over a funding deal gone awry, according to Hong Kong court filings on March 26 and April 24. The filings shed light on Zhao’s interactions with big-name venture capital firms and reveal details about how they’ve valued Binance, the exchange that Zhao started just nine months ago.
The trading platform’s meteoric rise has been one of the virtual currency industry’s most remarkable growth stories, landing Zhao on the cover of Forbes magazine and helping him amass a personal fortune that he claims is worth as much as $2 billion.
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